Organization & Planning

Financial Literacy Month #19

Do you have old electronics that you don’t use lying around your house? We took these all to Staples to be recycled and got cash back in our account towards future purchases. #JillRussoFoster #FinancialLiteracyMonth

Financial Literacy Month #18

We are cleaning out our home and making money doing it. Back in the day when you went to an event and ended up with a paper ticket stub. What to do with your old ticket stubs. We found www.DaveBuysTicketStubs,com and sold him ours for cash. #JillRussoFoster #FinancialLiteracyMonth

Financial Literacy Month #9

Now what about retirement? Are you on track? It’s never too early to start to save for retirement as you have the power of time. On the other hand, it’s never too late to start either. Sign up for your company’s retirement plan. You don’t want to pass up free matching funds. If that is not available, open your own retirement account and automate your contributions. Start today. #JillRussoFoster #FinancialLiteracyMonth

Financial Literacy Month #6

Do you have an emergency fund? You never know what could happen in life. Experts say you should have 6 months to a year worth of income on hand for life’s what ifs. Yes, that can be overwhelming to go from minimal savings to this goal. Start by finding ways to save $5 a day to start. Automate your savings goals so that they happen. #JillRussoFoster #FinancialLiteracyMonth

Financial Literacy Month #5

As we get closer to Spring, are you ready to explore the outdoors? April 19 is one of the days that you can go to a National Park for free. Other days this year are June 19, August 4, September 27 and November 11. We have seen a few but have more to see. Last year we went to Mount Rushmore and Badlands. #JillRussoFoster #FinancialLiteracyMonth

Are you curious about when to start social security?

That’s a question on a lot of people’s minds. Should I take it early at 62 or at my full retirement age or wait until I am 70.

Well wouldn’t it be great if you had a crystal ball to get the right answer for you. Well, we don’t and you want to make the right decision for your situation.

Here is an article from the Motley Fool that could give you some information that may help you make a decision that’s right for you.

It’s Never Too Late

Welcome to 2022!

It’s time to think about your finances. What are your financial goals for the upcoming year? Are you looking to save for an emergency fund, retirement, a new home or home improvements, education, an emergency fund?

There is so much to accomplish and never enough money. Well, that is how I used to think. But not anymore.

I started by taking small steps to achieve my financial goals. My first goal was to create an emergency fund of $5,000. Sounds overwhelming, but I broke it down into small steps:

$5,000 in one year is $416.66 a month – $5,000 in one year is $96.15 a week – $5,000 in one year is $13.70 a day

Next, I needed to find this money in my budget. What could I cut back on or do without? It turns out it was multiple ideas to come up with this money. We spaced out haircuts, we stopped buying beverages for work (we bring our own), we trim our dog’s nails ourselves and more.

Lastly, we automated the savings. Each paycheck we save $100.00 into our emergency savings automatically. It’s set and done.

Now we have the emergency fund we need to be prepared for whatever happens in our life.

Please know that it’s never too late to start to save for your goal. Obviously, the earlier you start the better off you are. But not starting is a mistake. Make a plan and decide to start now. You too can achieve your financial goals this year.

Happy Holidays!

Happy Holidays to All

Wishing you a healthy, happy and prosperous 2022!

Our 2021 Finances

2021 with the pandemic had us take a look at our finances in relationship to our goals. As we near, retirement, we have put a plan together.

This year we refinanced our mortgage. We had a 1-year ARM based on Treasury bill index, so it was time to get a low-rate fixed rate mortgage. We didn’t want to refinance for 30 years, so we chose a 15-year fixed mortgage that we plan to payoff in 10 years.

We had several credit cards that we didn’t use often and always paid in full when we used them. We made the decision to close these credit cards. Yes, it will lower our available credit line, but that isn’t a concern for us at this point.

We have maxed out our contributions to our retirement accounts and health savings account.

All in all, we have accomplished out financial goals for 2021. How about you?

Are You Losing Money?

Many companies offer their employees free matching funds for their retirement. According to CNBC, 17.5 million Americans leave this free retirement money on the table. Is this you?

401K retirement account contributions are pre-tax, therefore lowering your taxable income. CNBC says that 17% of employees don’t contribute. Why not? Many people say they don’t have the funds to contribute to their retirement. Among those that do contribute, 12% don’t get the full matching funds.

When I worked at Norwalk Community College, one of the first things I did was read the entire employee manual. Yes, it was long, but it had valuable information that I could take advantage of. I chose the alternate retirement plan. For me that meant, I would have to contribute 5% of my gross income to receive the matching funds. As soon as I was eligible, I enrolled. In this particular plan, I was given 8% matching funds. Why wouldn’t I do this? For me, this was a no brainer. I have always accepted free money.

If you have accepted your free money, congratulate yourself. If not, enroll today (or as soon as you are eligible). You don’t want to pass up free money.